13. Collapse of Lotus Riverside in Shanghai

Year: 2009

Location: Shanghai

Company: Shanghai Meidu Real Estate Development

Estimated Damage Value: $2,000 per square meter*

In 2009, Shanghai saw the unforeseen collapse of an apartment block at Lotus Riverside, under development by Shanghai Meidu Real Estate. The cause: a misplaced parking garage project. Excavated soil, improperly stacked on a riverbank, signaled disaster’s onset.

This miscalculation led to a catastrophic collapse as the riverbank gave way, and water compromised the building’s foundation. With space selling at $2,000 per square meter, the financial toll was immense. Remarkably, the incident claimed only one life, a testament to fortune amidst calamity.